Market

African Crypto Exchange Yellow Card Obtains License For Virtual Assets

Yellow Card, an African cryptocurrency exchange, has acquired important regulatory authorisation to keep growing its operations across the continent.

African Crypto Exchange Yellow Card Obtains License For Virtual Assets

According to the announcement made on October 24, Yellow Card has received a virtual asset service provider (VASP) license from the Botswana Non-Bank Financial Institution Regulatory Authority (NBFIRA).

Using the local fiat money, the Botswana pula, to buy and sell Bitcoin stablecoin is now permitted via Yellow Card thanks to the new license.

The additional license, in the opinion of Yellow Card’s CEO and co-founder Chris Maurice, creates more possibilities for the company to expand to payment partners and banking institutions throughout Africa.

“This will further show regulators in other markets that we are not just any other cryptocurrency company — we are pioneering, pushing boundaries and setting the standard,” Maurice stated.

In accordance with Section 11 of the Virtual Asset Act of 2022, the NBFIRA issued the VASP license on September 29.

Officially subject to local control now, Yellow Card asserted that it also conforms with important international laws, such as the Financial Action Task Force’s Travel Rule’s Know Your Customer and Anti-Money Laundering obligations.

Yellow Card is also registered with goAML to assist in reporting on AML

African Crypto Exchange Yellow Card Obtains License For Virtual Assets

The release states that Yellow Card is also registered with goAML to assist in reporting on AML, sanctions, and financial crimes and that it complies with the US Foreign Corrupt Practices Act.

Botswana, a country in southern Africa, is home to about 2 million people. As part of its efforts to tighten AML regulations, its government passed a bill to control the trading of cryptocurrencies and digital tokens in February 2022. According to the new regulations, anyone wishing to provide cryptocurrency services in Botswana must obtain a license from the NBFIRA and adhere to a number of requirements.

A short while ago, the government had a deep mistrust for cryptocurrencies, with the central bank issuing a November 2021 warning about the severe risks of investing in cryptocurrencies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Swift, UBS, Chainlink Complete Pilot for Global Tokenized Fund Settlement Network

Swift, UBS Asset Management, and Chainlink have completed a proof-of-concept that would settle tokenized fund…

15 mins ago

Jambo and Lif3 Partner to Make Crypto Payments Accessible to Millions of Users in Emerging Markets

Abu Dhabi, United Arab Emirates, 5th November 2024, Chainwire

19 mins ago

Jito and Solana Outpace Ethereum in 24-Hour Fee Revenue

According to data from SolanaFloor, Jito and Solana's 24-hour protocol fee income has surpassed Ethereum's…

52 mins ago

Which 3 Altcoins Will Skyrocket the Most in the Next Big Bitcoin Rally?

As the crypto market is about to witness the next big Bitcoin surge, Rexas Finance,…

1 hour ago

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

2 hours ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

2 hours ago

This website uses cookies.